Cost of a 2nd mortgage

[Sam Tright]

I'm negotiating a wholesale deal where I instead partner with the buyer for a small upfront fee. Then a couple years down the line the agreement is we place a 2nd mortgage on the house to pay me more of my fee. It works because the deal was bought on seller finance at 0% interest. At the time of the 2nd mortgage the LTV on the property will be 70% or a little less.

I've never take a 2nd before, can anyone think of complications?

The only gotcha I see is that it will cost a fair amount, like 3-5% average I think